205.776 Disclosure of information about data match system to depositors -- Penalty -- Liability of financial institution -- Fee.
Download pdf
Loading PDF...
<![CDATA[ Page 1 of 1 205.776 Disclosure of information about data match system to depositors -- Penalty -- Liability of financial institution -- Fee. (1) A financial institution furnishing a report or providing asset information of an individual owing past-due support to the Cabinet for Health and Family Services <br>under either subsection (1) or subsection (2) of KRS 205.774 shall not disclose to a <br>depositor or an account holder that the name of that person has been received from <br>or furnished to the Cabinet for Health and Family Services. An institution may <br>disclose to its depositors or account holder that under the financial institution match <br>system the Cabinet for Health and Family Services has the authority to request <br>certain identifying information on certain depositors or account holders. (2) If a financial institution willfully violates the provisions of this section by releasing asset information of an individual owing child support to the Cabinet for Health and <br>Family Services, the institution shall pay to the Cabinet for Health and Family <br>Services the lesser of one thousand dollars ($1,000) or the amount on deposit or in <br>the account of the person to whom the disclosure was made. (3) A financial institution shall incur no obligation or liability to a depositor or account holder or any other person arising from the furnishing of a report or information to <br>the Cabinet for Health and Family Services under KRS 205.774, or from the failure <br>to disclose to a depositor or account holder that the name of the person was <br>included in a list furnished by the financial institution to the Cabinet for Health and <br>Family Services, or in a report furnished by the financial institution to the Cabinet <br>for Health and Family Services. (4) Regardless of whether the action was specifically authorized or described in KRS 205.715 to 205.800 or an agreement, a financial institution shall not be liable for <br>providing or disclosing of any information; for encumbering, holding, refusing to <br>release, surrendering, or transferring any account balance or asset; or any other <br>action taken by a financial institution pursuant to KRS 205.715 to 205.800 or <br>agreement as required by KRS 205.774. (5) A financial institution shall not give notice to an account holder or customer of the financial institution that the financial institution has provided information or taken <br>any action pursuant to KRS 205.715 to 205.800 or the agreement and shall not be <br>liable for failure to provide that notice; provided however, that a financial <br>institution may disclose to its depositors or account holders that, under the data <br>match system, the cabinet has the authority to request certain identifying <br>information on certain depositors or account holders. The cabinet shall notify, not <br>less than annually, affected depositors or account holders who have not otherwise <br>received notification. (6) A financial institution may charge an account levied on by the Cabinet for Health and Family Services a fee of not more than twenty dollars ($20) which may be <br>deducted from the account prior to remitting any funds to the Cabinet for Health <br>and Family Services. Effective: June 20, 2005 <br>History: Amended 2005 Ky. Acts ch. 99, sec. 270, effective June 20, 2005. -- Created 1998 Ky. Acts ch. 255, sec. 47, effective July 15, 1998. ]]>